The Next Move for the European Central Bank

Investors bracing for bold action by the European Central Bank were no doubt disappointed by President Mario Draghi today.

The bank left interest rates unchanged, contrary to some expectations, and Draghi in his comments maintained his view that the euro zone is headed for a gradual recovery.

The lack of action sent the euro sharply higher, but that didn't impress Michael Mewes, a portfolio manager at JPMorgan Asset Management.

ECB Actions a 'Non-Event': Expert

Michael Mewes, portfolio manager at JPMorgan Asset Management, tells CNBC that the market reaction to the ECB press conference was completely out of context, with a "non-event" Draghi speech.

Mewes told CNBC that Draghi's comments were a "non-event," and said the slightly lower economic forecast was in sharp contrast to the market's reaction.

"We would still expect a further rate cut at some stage," he says, though not a large one. "We would have expected the growth forecasts to be reduced a tiny bit more," since the old projections were made when the euro was trading around 1.2500.

"More people are believing rates will stay on hold," Mewes says, but "we still expect the ECB to be ready when there is liquidity needed."